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Rio Tinto to lay off 14,000 worldwide
36 comments | Read story
... | 12:53 p.m. Dec. 10, 2008
A company which specializes in precious metals should not be in financial
trouble. Especially one who is a large copper producer, never before has copper
been so valuable.
If they are getting hit, man things are going to be worse than awful once the market manipulation ceases.
If they are getting hit, man things are going to be worse than awful once the market manipulation ceases.
Good thing... | 1:03 p.m. Dec. 10, 2008
Phew... thinks buying the naming rights to a soccer stadium is more important
than people's jobs.
Comments continue below
Even in bad economy... | 1:11 p.m. Dec. 10, 2008
..people need their escape. Soccer and the Stadium provide a great recreational
activity.
Good thing Rio Tinto has great vision.
Good thing Rio Tinto has great vision.
Copper valuable? | 1:14 p.m. Dec. 10, 2008
article says...."copper prices have gone from about $4 a pound this past
summer to about $1.40 this month"
I don't blame them for wanting to cut back, and gain control before it gets worse.
I don't blame them for wanting to cut back, and gain control before it gets worse.
Jobs are: | 1:19 p.m. Dec. 10, 2008
going....going....gone!
Why don't they just get a bailout?
Why don't they just get a bailout?
There was a better time | 1:33 p.m. Dec. 10, 2008
The time to have gotten rid of debt was when the economy was better, any of its
properties could have sold for more then.
Dutch | 1:35 p.m. Dec. 10, 2008
Enough is enough - Any company laying off more than 100 workers needs to
justify it with either a state or federal agency - One of the justifications
should be only after all non personnel cuts possible and no bottom line profits
then they can get rid of people.
No company with large profits should lay off people they are using the down turn as an excuse
No company with large profits should lay off people they are using the down turn as an excuse
Unions | 1:42 p.m. Dec. 10, 2008
Don't be surprised to see more companies with over-compensating union
contracts taking the same course as the auto companies.
Cats | 2:35 p.m. Dec. 10, 2008
These companies have a right to do whatever is necessary for them to be viable
and remain profitable. No government agency should have any say in how many
employees they can hire or fire. I'm sorry for the employees, but if the
company goes under, no one will be working.
Unfortunately, the economic cycles exist. This is a global situation and we just have to ride it out. this is what happens in an economic downturn.
Unfortunately, the economic cycles exist. This is a global situation and we just have to ride it out. this is what happens in an economic downturn.
Great Management | 2:36 p.m. Dec. 10, 2008
Why companies like Rio Tinto thought the copper super cycle was going to last
forever is beyond me...they should have had their house in order. This stuff
trinkles down to other companies like Salt Lake based Boart Longyear. Seems
that those who mismanage the most always get to keep their jobs.
Anonymous | 3:07 p.m. Dec. 10, 2008
Time for food storage!
anom | 3:10 p.m. Dec. 10, 2008
I wonder how many of those who get the axe are CEO's and how many golden
handshakes there will be?
Patriot | 3:16 p.m. Dec. 10, 2008
Dutch,
Are you a Communist? Maybe a Socialist? Sounds to be like you don't understand the basics of a free market economy?
Are you a Communist? Maybe a Socialist? Sounds to be like you don't understand the basics of a free market economy?
1789+1917=Revolution | 3:38 p.m. Dec. 10, 2008
Anyone remember France in 1789 and Russia in 1917? The limitless avarice of
these corporate executives is what REALLY destroys companies... and provokes
bloody class revolutions... I don't have to BE a socialist to understand
what causes mass rioting and mob violence....
Things we never thought could happen in America like terrorist major strikes and the government torturing prisoners have come to pass in the last decade.... why would one ever think other things can't?
I feel like my 8 years of Naval service in the Gulf War only helped perpetuate, if not worsen, the economic situation in the world.... and it's been handled so well, don't you think? :(
Things we never thought could happen in America like terrorist major strikes and the government torturing prisoners have come to pass in the last decade.... why would one ever think other things can't?
I feel like my 8 years of Naval service in the Gulf War only helped perpetuate, if not worsen, the economic situation in the world.... and it's been handled so well, don't you think? :(
Dave from Midvale | 3:54 p.m. Dec. 10, 2008
Hey "1789+1917=Revolution | 3:38 p.m. Dec. 10, 2008"
Looks like you need to read some history fella. . . you right in there with those who liken the financial "crisis" we are in to the Great Depression. IT IS NO WHERE NEAR THE GREAT DEPRESSION.
And, we have had the military (as well as FBI and CIA) torturing LONG before this. Civil war, WWI and II, Korea and Vietnam.
The commonality in ALL of this is GREED AND EVIL.
Looks like you need to read some history fella. . . you right in there with those who liken the financial "crisis" we are in to the Great Depression. IT IS NO WHERE NEAR THE GREAT DEPRESSION.
And, we have had the military (as well as FBI and CIA) torturing LONG before this. Civil war, WWI and II, Korea and Vietnam.
The commonality in ALL of this is GREED AND EVIL.
TO Unions | 4:21 p.m. Dec. 10, 2008
Yes, blame it on the workers, How dare the unions try to give them a decent
wage. Don't they know? The CEOs need millions in compensation to ensure
they stay with the company.
Anonymous | 4:43 p.m. Dec. 10, 2008
"I'm sure people are concerned, but they shouldn't be surprised,
based on the commodity prices,"
Nice. Hows that for empathy? Pathetic PR.
Nice. Hows that for empathy? Pathetic PR.
Why? | 4:50 p.m. Dec. 10, 2008
Why build such a a nice stadium and then cut jobs What is the whole point int
doing that? So a soccer stadium not just sets empty?
Anonymous | 6:38 p.m. Dec. 10, 2008
How many jobs could have been saved vs. paying for the naming rights of a
stadium?
Housing | 7:29 p.m. Dec. 10, 2008
This won't turn out good for housing in SLC or SJ. I keep telling myself
that my house is worth its value because it is unique. If business are dumping
assets below previous prices why are homeowners still remembering the day their
neighbor walked out with a wad of cash.
Me | 10:36 p.m. Dec. 10, 2008
I agree with the comments made by Phew..."A company which specializes in
precious metals should not be in financial trouble." Their operations is
no money pit...well, maybe it is, but I sure hope they can cut costs without
cutting jobs.
Surprised | 11:04 p.m. Dec. 10, 2008
The public and Rio Tinto employees have a right to be surprised. The
company's arrogant, condescending statement, "I'm sure people are
concerned, but they shouldn't be surprised, based on the commodity
prices," should be carefully weighed in reader's perception of the
firm. -A firm who named a soccer stadium on the east side, not a facility on
the west side, where the mine is and the miners live.
Prices are at record highs for 3+ years and management can't have things in shape to survive a few months of downturn without severing 10% of the work force? With 7+ billion dollars in profit two years in a row the company can't pay its bills after a couple of months of low commodity prices?
Are we surprised? Only if we expected Rio Tinto to live by its statement that their assets should be capable of sustaining competitive advantage through business cycles. There isn't much sustaining or smoothing cycles evident here, just knee jerk reactions to spend like Hollywood illiterati when the price is high and destroy lives when it's not.
The benefits of foreign direct investment in America...
Prices are at record highs for 3+ years and management can't have things in shape to survive a few months of downturn without severing 10% of the work force? With 7+ billion dollars in profit two years in a row the company can't pay its bills after a couple of months of low commodity prices?
Are we surprised? Only if we expected Rio Tinto to live by its statement that their assets should be capable of sustaining competitive advantage through business cycles. There isn't much sustaining or smoothing cycles evident here, just knee jerk reactions to spend like Hollywood illiterati when the price is high and destroy lives when it's not.
The benefits of foreign direct investment in America...
Reverse economy | 6:05 a.m. Dec. 11, 2008
Companies like AIG, Chrysler, Citi group and others begging for bailouts have
always treated employees as if the profits, wealth, comes from the top down.
When you get rid of good employees in a recession your stock always goes up.
They say: "We have great managers, that is why we are making so much money!"
Stupid Companies- They don't realize that the money comes from the bottom up. Good employees and customer relations can make or break a company.
The idiots in Wash. treat this problem the same way.
Give billions to the top echelons and hope it will trickle down. Well..... GE managers are buying banks in China, and other companies are enriching their upper managers. In two more years we need to get rid of all the Congressmen and Senators that voted for this stupid Trillions of dollars give away.
Bush and Obama believe these companies are truthful and honest,
you and I know they are some of the biggest stupidest crooks walking the planet.
They say: "We have great managers, that is why we are making so much money!"
Stupid Companies- They don't realize that the money comes from the bottom up. Good employees and customer relations can make or break a company.
The idiots in Wash. treat this problem the same way.
Give billions to the top echelons and hope it will trickle down. Well..... GE managers are buying banks in China, and other companies are enriching their upper managers. In two more years we need to get rid of all the Congressmen and Senators that voted for this stupid Trillions of dollars give away.
Bush and Obama believe these companies are truthful and honest,
you and I know they are some of the biggest stupidest crooks walking the planet.
Matthew | 6:16 a.m. Dec. 11, 2008
The more we demand that companies give us what we feel like having (what
we're used to) the more likely private entities are to call it quits and
leave us truly destitute.
If we insist on telling private individuals what they must do and for how much, they have every right to step aside, get out of the game, and get in line for soup themselves.
We have a right to be surprised at anything we wish, but the reaction should end with the looks on our faces.
If we insist on telling private individuals what they must do and for how much, they have every right to step aside, get out of the game, and get in line for soup themselves.
We have a right to be surprised at anything we wish, but the reaction should end with the looks on our faces.
Yay, for Dave in Midvale! | 7:10 a.m. Dec. 11, 2008
RE your comment about the things that cause the downfall, GREED and EVIL. The
writer refers to comments made about 1789-1917 revolution.
How soon it is forgotten how the U.S. housed Japanese Americans in UTAH and held them as prisoners of war, even though most were American born Japanese because of their heritage. There were also German prisoners of war held in San Antonio, Texas in encampments during WW II. The detainee's referred to held in Guantanamo are nothing compared to what these other people went through who were no threat to the U.S. like these terrorists who are held on the American Naval Base in Cuba for good reason.
As far Rio Tinto goes, maybe they pay their execs far too much, and they are the ones who need to go and then the workers wouldn't need to be jobless. But, the R.T. company is into the gold, silver, water rights, diamond and copper mining ALL over the world.
The reason they are downsizing business is their products are too expensive to sell right now and the underlings are the ones to go that produce the copper, diamonds, etc.
How soon it is forgotten how the U.S. housed Japanese Americans in UTAH and held them as prisoners of war, even though most were American born Japanese because of their heritage. There were also German prisoners of war held in San Antonio, Texas in encampments during WW II. The detainee's referred to held in Guantanamo are nothing compared to what these other people went through who were no threat to the U.S. like these terrorists who are held on the American Naval Base in Cuba for good reason.
As far Rio Tinto goes, maybe they pay their execs far too much, and they are the ones who need to go and then the workers wouldn't need to be jobless. But, the R.T. company is into the gold, silver, water rights, diamond and copper mining ALL over the world.
The reason they are downsizing business is their products are too expensive to sell right now and the underlings are the ones to go that produce the copper, diamonds, etc.
Dear "Reverse Economy" | 7:36 a.m. Dec. 11, 2008
Is 'stupidest' a real word?
To be expected | 7:39 a.m. Dec. 11, 2008
With a recession in full force and our government trying to salvage the world
economy over our own is a pathetic situation. Every job, industry, and business
is going to feel the crunch. This is from operating on debt instead of the
profits they were making. Every major corporation and business that is insolvent
and using credit and debt are going to be the first ones to die. Maybe its time
for change in the financial sturcture of america and wall street, reinstate
regulations on financial america and how it is using debt as an asset. Financial
america keeps borrowing to pay for borrowed funding and this is a red flag for
failure.
Roscoe | 8:10 a.m. Dec. 11, 2008
The posters above talking about greed and poor management are right. Yes,
copper prices have dropped dramatically but as mentioned above this is on the
heels of a couple of years of huge profits. Due to greed, Rio Tinto goes into
debt buying Alcan. Now the idiots that made that decision say we'll just
lay off 10% of our workers. What this means to them is never even considered.
To blame this solely on copper prices is plain ignorant.
Stupidest in a sentence | 8:10 a.m. Dec. 11, 2008
I worked in the mine and got dust in my lungs. I cough all the time because of
that " stupidest."
Dutch | 9:06 a.m. Dec. 11, 2008
My point was that is if a company is still profitable and has not made other
cuts to survive a downturn - people should not be the first one to go - If all
the required cuts have been made and there is still an issue then a company has
a right to do what it feels - I am not a Communist and belive in the free
market - a free market where economics is the rule of the day - not greed and
corruption
P Diddle | 9:24 a.m. Dec. 11, 2008
Rio Tinto lays people off --> jobless people don't buy electronics,
cars, new houses or other items that require copper and other metals --> less
demand for goods made with copper and other metals = less income for Rio Tinto
--> more layoffs. It is astonishing how the giants in commerce are
cannibalizing themselves right now.
Plum | 5:08 p.m. Dec. 11, 2008
To Patriot:
"Are you a Communist? Maybe a Socialist? Sounds to me like you don't understand the basics of a free market economy?"
Free market economy?
The government is bailing out failed big businesses and banks with taxpayer money and you call that free market?
In a free market a business or bank would rise or fall on their own merit, they would not have to be subsidized by the taxpayer.
Free market is over. (Or was it ever here?)
THAT sounds like SOCIALISM to me.
"Are you a Communist? Maybe a Socialist? Sounds to me like you don't understand the basics of a free market economy?"
Free market economy?
The government is bailing out failed big businesses and banks with taxpayer money and you call that free market?
In a free market a business or bank would rise or fall on their own merit, they would not have to be subsidized by the taxpayer.
Free market is over. (Or was it ever here?)
THAT sounds like SOCIALISM to me.
Plum | 5:32 p.m. Dec. 11, 2008
To Matthew:
The problem with your argument is that these are AMERICAN commodities lying in the ground waiting to be taken.
This is not some manufacturing job that can be exported overseas (though they wish this mountain of wealth was in some third world hole.)
The profit from this AMERICAN deposit of minerals is being exported to Australia and England! And the price for that is AMERICAN jobs?
So that the foreign shareholders can keep making profits on AMERICAN resources?
That is so outrageous to me.
The problem with your argument is that these are AMERICAN commodities lying in the ground waiting to be taken.
This is not some manufacturing job that can be exported overseas (though they wish this mountain of wealth was in some third world hole.)
The profit from this AMERICAN deposit of minerals is being exported to Australia and England! And the price for that is AMERICAN jobs?
So that the foreign shareholders can keep making profits on AMERICAN resources?
That is so outrageous to me.
AverageJoe | 6:06 p.m. Dec. 11, 2008
If an army of PhD economists couldn't predict this economic downturn, why
should a mining company see it coming?
The world economy is enormous, and too complicated even to model. The root of this problem started with people spending more than they earn, and borrowing more than they could ever hope to pay back. Enter the deceptive mortgage brokers and securities companies disguising high risk investments in anonymous securities, which passes risk to unknowing mutual fund investors. The whole thing derives from deception and lack of self control.
Take the bruising, America, and from now on buy things with saved money, cut up your credit cards, and live in a house you can afford.
The world economy is enormous, and too complicated even to model. The root of this problem started with people spending more than they earn, and borrowing more than they could ever hope to pay back. Enter the deceptive mortgage brokers and securities companies disguising high risk investments in anonymous securities, which passes risk to unknowing mutual fund investors. The whole thing derives from deception and lack of self control.
Take the bruising, America, and from now on buy things with saved money, cut up your credit cards, and live in a house you can afford.
CougarKeith | 7:34 p.m. Dec. 11, 2008
Needing to lay off workers? How much did they just pay to stick their name on
the new soccer stadium? You have to be kidding me!!!
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Still a great investment.